Relevant:
- As I see it, 32 commercial banks and thrifts may see the feces hit the fan blades
- Welcome back Culver City. $749,000 short sale for a two bedroom and one bath home. Let the bubble reign supreme in West Los Angeles.
- Culver City welcomes back home flippers
- Home Equity Loan Defaults on the Rise
- Ocwen Loan Servicing Takes Home from Handicapped Because There's Equity
2012-07-21 — doctorhousingbubble.com
Many things can be twisted with stats. For example, in California you have many homes with massive amounts of HELOCs/Home Loans. However, many times these were added during the mania. Yet when a sale is recorded on this foreclosure, that added equity is not added into the equation. For example, today we highlight a home in a very prime area that sold in 2005 for $634,000 and has a pending sale at $399,000. However, it also has a home equity loan of nearly $80,000. Yet when the Case Shiller new sale is recorded it will only measure against the $634,000 price and pretend that home loan never happened (at some point some bank value the place over $700,000+ to make that loan)
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